Britain's financial regulator announced that it had fined former Barclays CEO Jes Staley £1.8 million and barred him from holding senior financial positions due to misleading statements about his relationship with the late sex offender Jeffrey Epstein.
The Financial Conduct Authority (FCA) revealed that Staley had "recklessly approved" a letter from Barclays to the FCA, which falsely claimed that he did not have a close connection with Epstein. However, email correspondence showed that Staley considered Epstein one of his "deepest" and "most cherished" friends, leading to the regulatory decision to prevent him from holding a senior role in the financial industry.
Staley, aged 66, was removed from Barclays in 2021 due to his association with Epstein. It's important to note that the FCA's ruling is provisional and Staley has the option to appeal during an upcoming tribunal. Following the FCA's decision, Barclays indicated that Staley would be ineligible for, or would forfeit, bonuses and share awards amounting to £17.8 million.
The bank had previously suspended all of Staley's deferred bonuses and long-term share awards during the regulator's investigation.